Britain's biggest retailer Tesco said today that its net profit jumped by almost 11% during the group's first half to more than £1 billion sterling as it beat off economic woes.
Tesco said in an earnings statement that profit after tax increased 10.9% to £1.038 billion in the six months to August 23, compared with the same time in 2007.
'Tesco is at its best in tough markets - responding to the changing needs of customers - and that's why we have been able to make good progress this year, despite facing into powerful economic headwinds,' Tesco's CEO Terry Leahy said in the statement.
He added that Tesco had also overcome expected losses related to the launch of its 'Fresh & Easy' food stores in the US late in 2007.
The supermarket giant also said today that its sales rose 13.3% to £25.638 billion in the first half, adding that Tesco was on track to create 30,000 jobs this year.
Tesco, which operates worldwide, announced in August plans to open wholesale grocery stores in India that would supply goods to hypermarkets owned by Indian conglomerate Tata Group.
Tesco is the world's third-biggest retailer behind French supermarket Carrefour and US giant Wal-Mart, which is out in front.
